Legal Definitions - nationalization

Definition: Nationalization is the process of bringing an industry or business under the control or ownership of the government.

Example: In 1948, the Indian government nationalized the banking industry, which meant that all private banks were taken over by the government.

Explanation: This example illustrates how nationalization works. The government takes control of an industry or business that was previously owned by private individuals or companies. In this case, the Indian government took over the banking industry to ensure that it was run in the best interests of the country and its people.